Local real estate sales remained sluggish in October, but there was a slight bump in home values.
According to stats from the Chilliwack and District Real Estate Board (CADREB), the average price of a single-family home had dropped in five of the previous seven months, falling to $835,451 after hitting an all-time high of $1,118,254 last February.
Though October saw the exact same number of sales as September (71), the average price rebounded by 5.22 per cent, settling in at $879,041.
Condominiums saw an even bigger jump, an 11.40 per cent increase from $339,943 to $378,706.
Townhouses declined 10.94 per cent, from $608,691 to $542,121.
October saw one sale over $2 million and 30 over $1 million and cumulatively, the overall value of all residential sales in the CADREB region was up a modest 5.79 per cent, from $671,783 to $710,690.
CADREB covers an an area from Yarrow to Lytton, including Chilliwack, Sardis, Rosedale, Agassiz, Harrison Hot Springs and Hope.
Year to year, the numbers aren’t great.
In October of 2021 there were 383 sales for an average value of $800,393.
In October of 2022 there were 147 sales, and the average value of $710,690 represents an 11.21 per cent decrease.
Interest rates have been the main factor in the cooling market, but increased inventory is playing a role. There were 1,114 listings on the market at the end of October, marking the sixth straight month over 1,000. That comes on the heels of 20 straight months with less than 1,000 listings, including a historic low of 264 in December of 2021.
CADREB president Daryl Moniz suggested sellers have to be patient in this market.
Residential properties are taking an average of 36.8 days to sell after flying off the market in 22.7 days a year ago.
“Buyers who can qualify for the current mortgage realities will be able to take advantage of the selection that has now become available,” he said in a news release.